Fell behinf on car loan. Called to makr payment to get loan all caugjt up and company refused. Csr was repossed and now are saying i need to psy off remaining balance after car auction. Was bank required yo take payment to get loan in good stamding. I got behind bc i was having problems with medical insurance and had to pay for antirejection meds or die. I called and explained situation and did have all the money to catch up on loan and wanted to set up auto deduction. Now my credit is ruined. Do i have any way to remove from credit or any other recourse. I live in pennsylvania. I absolutly refuse to pay balance bc i feel bank is being unjustly enriched. I feel like i was the victim
1 Answer from Attorneys
Unlike a mortgage, there is no right to cure a car loan default. The only reason a homeowner may cure a mortgage default is because there is legislation providing so. There is no right to cure any other debt, either.
If you are not happy with the state of the law, your only recourse, which wont help you at this point, is to contact your state representative and seek to change the law. Regardless of whether you do that, they had the legal right to refuse any other payments after default and proceed to collect the deficiency.